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U.S. home prices see sharpest quarterly drop

WASHINGTON–The value of existing single-family homes in U.S. metro areas fell by a record 5.8 per cent in the fourth quarter from the same period in 2006, the National Association of Realtors said on Thursday.

The quarterly survey of metro region prices showed that prices fell in all regions, with homes in the West tumbling 8.7 per cent and prices in the South off 5.4 per cent, the second-sharpest decline in the country.

The price decline was the sharpest since home values fell 2.7 per cent from the fourth quarter of 2005 to the same period of 2006.

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